The weekend clearance rate of 70% is on par with last weekends figures, and considerably more than the same time last year when it was 63%. There were 899 auctions reported over the weekend, with 629 selling, and 270 being passed in. In addition to the auctions, there were also 474 private sales recorded in Melbourne.
Vendors have been trying to get their properties sold before the Easter holiday period, so we are expecting the high auction numbers to ease off after next weekend. Demand for properties within 10-12 kilometres of the city is still high, particularly in the wealthy suburbs such as Balwyn, Armadale and Hawthorn East. In these areas, buyers have been attracted to desirable homes near prestige schools and within government school zones.
The market is producing healthy results, with buyers not getting too carried away as there has been plenty of properties on offer in the first quarter of the year. There is an expectant 1500 properties going to auction this weekend before a couple quieter weeks then full steam ahead into May which historically is a high transaction month.